NDX ADX is getting close to extreme on the 60-minute, but needs one more boost up to get the trendline to 40 and the D- to -10:
stockcharts.com[h,a]eaclyyay[pb20!b50!b200!c13!c20!c50!i!d20,2!f][vc60][iub14!la12,26,9!lg!li10,10!lh5,5!lp14,3,3!ll14][J6471081,Y]&pref=G
The 200SMA on the NDX daily will be at around 1123 on Wednesday. It is at around 1128 and dropping about 1.75 per day. In this instance, it might be subordinate to the COMP 200SMA. Interestingly, the 200EMA is at 1129 and leveling out.
stockcharts.com[h,a]daclyyay[pb20!b50!b200!c13!c20!c50!i!d20,2!c200!f][vc60][iUb14!La12,26,9!Lg!Li10,10!Lh5,5!Lp14,3,3!Ll14][J6471081,Y]&pref=G
Here's some tops with, interestingly, candles similar to today's NDX daily:
stockcharts.com[h,a]daclyyay[d20011022,20020422][pb20!b50!b200!c13!c20!c50!i!d20,2!c200!f][vc60][iub14!la12,26,9!lg!li10,10!lh5,5!lp14,3,3!ll14][j6471081,y]&listNum=1
Today's candle appears most often at tops and bottoms from what I can gather.
Here's an example of a stretch from July 2000-Dec. 2000
stockcharts.com[h,a]daclyyay[d20000701,20001222][pb20!b50!b200!c13!c20!c50!i!d20,2!c200!f][vc60][iUb14!La12,26,9!Lg!Li10,10!Lh5,5!Lp14,3,3!Ll14][J6471081,Y]&pref=G
Those candles almost always appear at pivot lows on that chart.
From what I can see, 1999 is almost completely devoid of that candle, and there were about 5 in 1998, with two in mid-trend and the others at pivot lows.
My point? We may have had our high today in the NDX, and if we get a high next week, it could be a lower high.
I give this about a 50-50 chance that this is the case, but I just wanted to bring it up for us to look at. |
